Tue, Dec 2, 2014

3i Infotech, a leading provider of IT products and services for manufacturing, retail distribution, banking, financial services and insurance, in association with BDO East Africa, organized an event aimed at creating awareness on the impact of non-adherence to Anti-Money Laundering regulatory laws and to enhance efforts towards establishing a risk based approach for customer due diligence. The program received enthusiastic participation from Banks, Insurance Companies, Capital / security firms, facilitating showcasing of “AMLOCK”, the Anti-Money Laundering Solution, offered by 3i Infotech, which has been implemented by more than 80 clients in over 20 countries across the globe, including some leading banks in Kenya.

Spanning across insurance, mutual funds and private equity (PE) to banking and foreign direct investments (FDI), financial services in Kenya is indisputably one of the most complex sectors. While complexity has increased, with several banks offering internet and mobile services for users and constantly looking at expanding across regions, it also directly impacts money laundering risk. Most of the banks across the region continue to use traditional solutions to counter money laundering and struggle with multiple back-office systems. According to a survey (KPMG Global AML survey) in 2014, Money Laundering is a 92% high risk area within the Kenya business framework with more than 70% organizations lacking qualified resources and training. With the rapidly changing business environment and to meet today’s complex regulatory and payment challenges, it is imperative for the region to take steps to ensure compliance.

The main objective of the event was to offer the participants comprehensive insights on the increasing regulatory scrutiny across the continent, established by a trend of greater penalties being levied to ensure Anti-Money Laundering compliance. The session covered aspects of the Anti-Money Laundering scenario across the globe and the impact of non-adherence to Anti-Money Laundering regulations in the form of heavy penalties imposed on financial institutions and how 3i Infotech as a technology enabler served EAF/Africa region to support streamline the Anti-Money Laundering related processes that facilitated financial institutions to adhere to the regional Anti-Money Laundering laws.

During the session, 3i Infotech responded to questions and there were focused technical discussions on some of the topics. The discussions also addressed issues such as the link between Money laundering and terrorism, as well as the key role that financial institutions play to enhance the credibility and stability of financial systems as well as on national security.

Prof. Njuguna Ndung'u, Governor, Central Bank of Kenya, the Chief guest for the event, applauded 3i Infotech & BDO‘s efforts for their pro-activeness in developing Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) solutions. According to him, these solutions and others in the market will facilitate financial institutions in meeting their AML / CFT legal and regulatory requirements effectively & efficiently. This solution will foster the integrity of Kenya’s financial sector by putting it in a good standing globally.

The participants included dignitaries like Mr. Steve Mainda – Chairman, Insurance Regulatory Authority, Kenya and Ms.Teresa Mburu – Head General Insurer Supervision for Insurance Regulatory Authority, Kenya (Eminent member of National Task Force for Anti Money Laundering, Kenya).

According to Ashish Dass, President 3i Infotech Ltd, MEA Region, “We are privileged to be part of this program with BDO, which has increased awareness about the Anti-Money Laundering scenario in the continent as well as across the globe, and the contribution that AMLOCK can make. AMLOCK has enabled its customers to achieve timely detection of suspicious transactions and ensured compliance with regulatory requirements”.